China Court Rejects Appeal By Jailed Tycoon

A Chinese court on Sunday rejected an appeal against a 19-year jail term handed down to a tycoon embroiled in a huge Shanghai social security fund scandal, a financial magazine said in its online edition.

Once one of the country’s richest men, Zhang Rongkun was convicted in April of crimes including bribery, manipulating the stock market and fraudulently issuing bonds, the report in the influential Caijing magazine said.

Jilin provincial Supreme People’s Court rejected the appeal and stood by the original sentence, the magazine said, adding that Zhang would appeal again to a higher court.